Top 5 Industries that Blockchain Technology Will Disrupt in Future

List of Top Industries that Blockchain could Transform in Future

1. Banking

For example, you send $500 to your friend through a traditional bank. The bank charges you $50 as a processing fee. So in reality you are only sending $450 to your friend. If your friend is in another country, he’ll get even less because of the transfer fee and other hidden charges involved. So, the whole process is time-consuming and expensive- and also it is not guaranteed to be 100% safe.

2. Cyber Security

Cyberattacks, Data Leakage, Fraud etc. are some of the top threats to our digital world. Blockchain technology can eliminate these incidents as the blockchain network is maintained by a chain of thousands of computers, meaning single information is duplicated and distributed in all these computers and hence there is no central point, so it is impossible for hackers to attack the network and alter the data. If someone tries to hack your data. you can easily identify the data attacks with blockchain due to peer-to-peer connections, where data cannot be changed or tampered with.

3. Healthcare

Blockchain Technology has the potential to transform the Healthcare Industry in a very good way. There are many ways this unique technology can be applied to improve the healthcare industry. It can be used as a decentralized ledger for storing medical records, and patient’s medical history and making them less prone to hacking, also it can be used as a way to make health insurance more transparent so that patients know exactly how much they will pay before they consent to get treatment from a certain doctor or hospital.

4. Supply Chain Management

Let us assume, you placed an order for food and you found the taste of the food is not up to mark. The owner of the restaurant from whom you ordered it could go back through his blockchain ledger and find out where in the whole supply chain the order went wrong to displease you. He can check all the details from the farmer to the producer, to the distributor, to the retailer and then to you the purchaser.

5. Insurance

Today, most blockchain applications in the insurance sector are mainly focused on improving overall operational efficiency. Rather than developing new products, insurance companies are looking for new ways blockchain can lower costs, increase speed to market, and provide better customer experiences.

Final Thoughts

Of course, countless industries will benefit from blockchain technology shortly. As more and more industries open up their doors to blockchain and its potential, it’s almost certain that the above-given list will grow even longer. One thing is sure the future of blockchain technology is very bright and its impact on the world will continue to grow as the technology also grows.

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HashStudioz Technologies

HashStudioz Technologies

HashStudioz is a leading product development company focussed on IoT, cloud, blockchain and Travel-based Solutions.